Tetra Bio-Pharma Inc. (TSX:TBP) (OTCQB:TBPMF) (FRA: JAM1) announced the approval of a CA$4.5 million ($3.53 million) participative loan from the ministère de l'Économie et de l'Innovation (MEI) under the BioMed Propulsion Program, managed by Investissement Québec (IQ).
This funding will support the development of ARDS-003 in the indication of acute respiratory distress syndrome whether or not it is caused by COVID-19, as well as in patients with Sepsis.
This transaction is conditional on the approval of all shareholders and will be subject to a vote at the general meeting of shareholders in May 2022 since it will require the transfer of our Head Office from the province of Ontario to the province of Quebec and the approval of certain financial terms.
Tetra's strong growth potential in the Life Sciences sector is recognized by the Government of Quebec.
Management Commentary
"Tetra has been the subject of several diligent reviews by the MEI and IQ, which validates our scientific, financial, and commercial approach,” Steeve Néron, chief commercial officer of Tetra Bio-Pharma, said. “In addition, the MEI/IQ adheres to the strategic vision of the team of scientists and managers behind the development of our products. I know that investors have been waiting for this announcement for a long time and I am delighted that it has finally arrived."
"Our support of Tetra Bio-Pharma will lead to the development of medication to treat acute respiratory distress syndrome, such as in severe cases of COVID-19,” Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister Responsible for Regional Economic Development, said. ”Our government will always be there to support potentially life-changing initiatives for the population, especially when they contribute to the vitality of the Québec life-sciences sector and Quebec's reputation in the field of biotechnology."
Photo: Courtesy of Josh Appel on Unsplash
